Social and Behavioral Sciences Commons^™

The Determinants Of Thai Household Debt: A Macro-Level Study, Pakarat Jumpanoi, Wanakiti Wanasilp

Journal of Demography

During 2020-2021, COVID-19 precipitated a significant decline in Thai household income, causing the average household debt service ratio to rise above 30 per cent and household consumption to fall, followed by a slow economic recovery. Although the determinants of household debt in Thailand have already been studied, most research has focused on the micro-level.Therefore, this study aimed to evaluate the longterm link between Thai household debt and gross domestic product, unemployment rates, interest rates, and working-age population from Q1/2007 to Q1/2022. An Augmented Dickey-Fuller unit root test, an Autoregressive Distributed Lag Model bound test, and an Error Correction Model were …